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        Case ID :

        Government Approves Sixteen (16) Proposals of Foreign Direct Investment (FDI) Amounting to ₹ 4,722 Crore Approximately

        October 29, 2015

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        Based on the recommendations of Foreign Investment Promotion Board in its meeting held on 29th September 2015, the Government has approved 16 (sixteen) proposals of Foreign Direct Investment amounting to ₹ 4,722 crore.

        The following 16 (Sixteen) proposals have been approved:

        Sl. No.

        Item No.

        Name of the applicant

        Gist of the proposal

        Sector

        FDI

        1

        1

        M/s Sun Pharma Research Advanced Company Limited

        Approval sought to offer, issue and allot equity shares to FIIs, FPIs, NRIs and OCBs, pursuant to the Proposed Rights Issue, whether by way of renunciation or otherwise, upto an aggregate amount of ` 250 crore in the proposed rights issue of the company.

        Pharma

        250 crores

        2

        2

        M/s Schulke India Pvt. Ltd.

        Accepting transfer of local assets as part of a global acquisition agreement entered into between M/s Schulke GMBH and Advanced Sterilization Products (ASP) Division of Ethicon, Inc., a subsidiary of Johnson & Johnson Services Inc.

        Pharma

        76.2 crore

        3

        4

        M/s Synergia Life Sciences Pvt. Ltd.

        Approval to accept investment by M/s India Life Sciences Fund II LLC by subscribing to 428,725 equity shares of ₹ 10 each at a premium of ₹ 923 per share under private placement, constituting 30% of the share capital on a fully diluted basis.

        Pharma

        ₹ 40 crore

        4

        5

        M/s Strides Arcolab Limited

        Approval has been sought for issuing shares to non-resident and resident equity shareholders of M/s Shasun Pharmaceuticals Limited under a scheme of merger

        Pharma

        nil(merger)

        5

        7

        M/s MMI Strategic Investments (Pty) Ltd.

        Approval sought for foreign Investment of 49% percent in an Indian health insurance company by subscribing to 4,92,16,177 equity shares of the company for INR 1,96,27,50,000.

        Insurance

        196 crores

        6

        8

        M/s Safran Engineering Services India Private Limited

        Approval has been sought for deletion of conditions in the last FIPB approval dated 03.02.2010

        Services related to Defence Sector

        nil

        7

        13

        M/s  Multi Screen Media Private Limited

        Approval  sought for deletion of Clause 7(b) of the FIPB Approval

        Broadcasting

        nil

        8

        16

        M/s IVF Trustee Company

         approval of the FIPB for the proposed investments by Indium V and Cayman Fund of upto ` 2,880 million (approximately US$ 45 million) and ` 3,200 million (approximately US$ 50 million) respectively in units of IVF V. 

        Venture Capital Fund (AIF)

        608 crores

        9

        18

        M/s International Trade and Exhibitions India Private Limited

        Approval for proposed expansion of the scope of its business activities in printing, publishing and circulating or otherwise, dealing in all types of Books, scientific and technical magazines/ specialty journals/ periodicals and other publications but not in any manner dealing with news and current affairs.

        Print Media

        nil

        10

        19

        M/s Aditya Birla Nuvo

         post facto approval for the issue of convertible warrants  to M/s Surya Kiran Investments Pte Ltd., Singapore,  on February 21, 2008.

        Misc.

        ₹ 377 crores

        11

        20

        M/s Energy City Navi Mumbai Holding Company

        Post-facto approval for the transfer of Equity shares of  Fully & Compulsorily Convertible Debentures (CCDs)  in Valuable Properties Private Limited  by the applicant to its WoS i.e. VTMPL.

        Construction and Development

        ₹ 139 crors (already brought in )

        12

        22

        M/s Gulf Packaging Machines JLT

        Approval for setting up LLP.

        LLP

        ₹ 0.65 crores

        13

        23

        M/s Blue Star Infotech Limited

        approval sought for issuance of ESOPs to non-resident shareholders

        IT/ITES

        nil

        14

        24

        M/s HDFC Capital Advisors Limited

        Approval sought for issue of units to M/s Green Light A 2014 Trust. HDFC Fund proposes to make investments in equity, equity linked instruments, redeemable preference shares, non-convertible debentures and other debt securities of listed or unlisted investee companies engaged in real estate construction development projects which are permitted under the SEBI AIF Regulations as a Category II AIF.

        Venture Capital Fund (AIF)

         2400 crore

        15

        26

        M/s Indian Herbs Specialities Private Limited

        Approval for receiving FDI by the way of  fresh subscription to shares and purchase of shares by the Investor from the existing shareholders to be issued to India 2020 Fund II, Limited

        Pharma

        75 crores

        16

        27

        M/s AEGON RELIGARE LIFE INSURANCE COMPANY LIMITED

        Approval sought for the transfer of shares of the company held by Bennett, Coleman & Company to AEGON India Holding B.V thereby raising the foreign shareholding from 26% to 49%.

        Insurance

        559.96 crores

        The following 6(six) proposals have been deferred:

        Sl. No.

        Item No.

        Name of the applicant

        Gist of the proposal

        Sector

        1

        9

        M/s BF Elbit Advanced Systems Private Limited

        Approval has been sought  for increasing the foreign shareholding from 26% to 49% by its existing shareholder

        Defence

        2

        17

        M/s Sharekhan Limited

        Post facto approval for carrying on the commodities brokerage business through subsidiary and the depository services business by itself while there was investment made by foreign investors from time to time in Sharekhan.
        II. Investment in Sharekhan by IDFC since IDFC was regarded as a foreign owned company from March 2011 till March 2014
        III. Investment in Human Value Developers Private Limited by IDFC since IDFC was regarded as a foreign owned company from March 2011 till March 2014 and 
        IV. Downstream investment made by Human Value Developers Private Limited in 2007 in M/s Sharekhan

        NBFC

        3

        21

        M/s Serap India Pvt. Ltd.

        Permission for issue of  equity shares to with a premium of ₹ 10 per share against total outstanding dues of ₹ 11,47,64,901 towards purchase of capital goods, components and raw material from them and condonation of delay of 1215 days in applying for such permission.

        Manufacturing

        4

        25

        M/s Reliance Globalcom Ltd., Bermuda

        Approval sought to purchase M/s GCX India Ltd., an Indian owned and controlled company

        Telecom

        5

        29 &30

        M/s Taurus Ventures Limited and M/s Capricorn Ventures Limited

        Proposal 1:

        M/s Taurus Ventures Limited has sought approval, for the issuance of shares to the shareholders of Max India pursuant to the Scheme and to have foreign shareholding of 37.08%  (NRI’s / OCBs - 0.99% FDI - 12.14% FIIs - 23.95%).
        Proposal 2:

        M/s Capricorn Ventures Limited has sought approval to have foreign shareholding for the issuance of shares to the shareholders of Max India pursuant to the Scheme and to have foreign shareholding of 37.08%  (NRI’s / OCBs - 0.99% FDI - 12.14% FIIs - 23.95%).

        Miscellaneous(Demerger)

                    The following 08 (eight) proposals have been rejected: 

        Sl. No.

        Item No.

        Name of the applicant

        Gist of the proposal

        Sector

        1

        6

        M/s Cipla Health Limited (yet to be incorporated)

         Approval sought for (i) Initial investment of `1,06,00,00,000 from FIL Capital Investments (Mauritius) II Limited in M/s Cipla Health Limited (yet to incorporated), by way of subscription to fresh equity shares and compulsory convertible preference shares up to a maximum of 26.11% of the share capital of Cipla Health limited, in the process of being incorporated by Cipla Limited 
        (ii) Subsequent Investment of upto ` 15,66,00,000  by FIL Capital Investments (Mauritius) II Limited in subsequent rounds of Investment in a public limited company (i.e. Cipla Health Limited) in the process of being incorporated by Cipla Limited post the closing of the Initial Investment.

        Pharma

        2

        10

        M/s Menon Bearings Limited

        Approval sought to enter defence production. They are currently involved in automobile related manufacturing.

        Defence

        3

        11

        M/s DW Animation Ireland Limited, Ireland

        Approval for setting up of an LLP in India with FDI of (i) ` 99,980 amounting to ~ US $ 1,587 contributing 99.98% of the capita of LLP by DW Animation Ireland Limited; and (ii) `10 amounting to - USD 0.16 contributing 0.01% of the capital of LLP by Robert Alan Kelly.

        LLP

        4

        12

        M/s Atria Convergence Technologies Private Limited,

         Approval for 100% transfer of shares from existing shareholdersto new Foreign Investors Argan (Mauritius) Limited ("Argan") and TA FVCI Investors Limited ("TA FVCI")

        Telecom and Broadcasting

        5

        14

        M/s Vadatech India Private Limited

        Permission to account all the expenses incurred prior to its incorporation and its bank account opening and to issue Equity shares at par, against amount transferred by M/s Vadatech Inc. USA, to the professional firm i.e. M/s. Navin Nayak & Associates.

        LLP

        6

        15

        M/s Meshlabs Software Private Limited,

         permission for Conversion of the Company [having FDI and NRI holding of 22%  into Limited LLP

        LLP

        7

        28

        APOLLO Hospitals Enterprise Limited

        Approval has been sought by APOLLO Hospitals Enterprise Limited for allowing foreign investment in the share capital of the Company by the renunciation of the rights or otherwise, subject to RBI and other necessary approvals to residents outside India pursuant to the proposed Rights Issue.

        Pharma, Healthcare and Insurance

        8

        31

        ii5 Technologies Pvt ltd

        ii5 Technologies Pvt ltd having 99.997% of foreign investment by ii5 Ventures Ltd , Singapore has applied for conversion of the existing Private Limited company to LLP.

        LLP

                     1 (one) proposal does not lie before FIPB: 

        Sl. No.

        Item No.

        Name of the applicant

        Gist of the proposal

        Sector

        1

        3

        M/s Shilpa Medicare Limited

        Permitting FIIs and other Foreign Investors to acquire/ hold equity shares of the Company up to an aggregate limit of 30% of the paid up equity share capital.

        Pharma

        Foreign direct investment approvals expand across pharma, insurance and funds while several proposals were deferred or rejected for further review. Government approved sixteen FIPB-recommended Foreign Direct Investment (FDI) proposals totalling approximately Rs. 4,722 crore across sectors including pharmaceuticals, insurance, venture capital funds, construction, IT/ITES, broadcasting and services related to defence. Approvals covered fresh equity subscriptions, rights issue participation, private placements, merger-related share issuances, post-facto regularisation, deletion of prior conditions, LLP set-up permissions and increased foreign shareholding in select companies. The Government also deferred six proposals for further scrutiny and rejected eight others for non-compliance or incompatibility with policy; one proposal was not maintainable before FIPB.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Foreign direct investment approvals expand across pharma, insurance and funds while several proposals were deferred or rejected for further review.

                                Government approved sixteen FIPB-recommended Foreign Direct Investment (FDI) proposals totalling approximately Rs. 4,722 crore across sectors including pharmaceuticals, insurance, venture capital funds, construction, IT/ITES, broadcasting and services related to defence. Approvals covered fresh equity subscriptions, rights issue participation, private placements, merger-related share issuances, post-facto regularisation, deletion of prior conditions, LLP set-up permissions and increased foreign shareholding in select companies. The Government also deferred six proposals for further scrutiny and rejected eight others for non-compliance or incompatibility with policy; one proposal was not maintainable before FIPB.





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